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Income tax dedution on army pension
Last week I posted my query regarding Tax Deduction on Army Pension.My Father is getting Rs-45090/-Per Month as pension.In the Feb.Month Pension Bank Deducted Rs-8957/- as TDS and Rs-36134/- was credited in Account.My query is :-
1) What should be the rate of Tax to be deducted by Bank?
2)What is the Current Tax Slab & will it be changed from April if yes than what it will be?
Replies (2)
It will be easier for anyone to calculate the rate of TDS deducted, if you provide the details about the total amount of TDS deducted by bank from April 2016 to Feb 2017, along with total amount of pension received during this period!!
The total pension payable for the entire year would be arrived at and tax calculated on the same.
Assuming the assessee is over 60 years, then
on the first 3 lakhs - tax is nil
on the next 2 lakhs - tax is 10% i.e. upto 5 lakhs
on the next 5 lakhs tax is 20% .i.e upto 10 lakhs
on balance tax is 30%
Assuming the assessee is over 80 years, then
on the first 5 lakhs - tax is nil
on the next 5 lakhs tax is 20% .i.e upto 10 lakhs
on balance tax is 30%
Edcuation cess 3 % on tax
No substantial change after April 2017.
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